that explains, we are very satisfied because we both reached volume and value

that explain we are very satisfied because we both reach volume and value


We believe that these modest cosmetic enhancements can make a big difference to customer's overall experience.

we believe that these modest cosmetic enhancements can make a big difference to customers' overall experience


And we have taken a very clear and disciplined approach to it,

and we have taken a very clear and disciplined approach to it


not a high penetration rate, but a very significant value prop for our customers.

not a high penetration rate but a very significant value prop for our customers


and offers conflict-free assessment services to assist them in determining the most appropriate placement


We're very proud of our solid second quarter and first half results and the strength we see for the remainder of the year.

we're very proud of our solid second quarter and first half results and the strength we see for the remainder of the year


That built the reserve business to the scale it has today built off a single business model.

that built the reserve business to the scale it has today built off a single business model


where we are today, we're trading at less than 6x revenue multiples. So I think there's a lot of opportunity for

where we are today we're trading at less than 6x revenue multiple so i think there's a lot of opportunity for


However, the traction gained on beverages in some of our key markets has mitigated this to a large extent.

however the traction gained on beverages in some of our key markets has mitigated this to a large extent


talking in right now December 31. So the facility will start to move up.

talking in right now december 31 so the facility will start to move up


Looking ahead, we seek to drive consistent improvement in performance on an annual basis.

looking ahead we seek to drive consistent improvement and performance on an annual basis


The next area of focus is to write selective classes of workers' compensation insurance.

the next area of focus is to write selected classes of workers' compensation insurance


Business growth was led by Solgar, No 7, Joint Comfort product as well as new innovation,

business growth was led by solgar number 7 joint comfort product as well as new innovation


We flagged 6 months ago that there would be identified headwinds from contractual increases in input costs.

we flagged 6 months ago that there would be identified headwinds from contractual increases in input costs


We'll utilize our alliances with partner airlines to maintain our advantage as a market leader.

we'll utilize our alliances with partner airlines to maintain our advantage as a market leader


Please turn to Page 15. This slide shows our financial platform.

please turn to page 15 this slide shows our financial platform


We also see that we are able to keep our position in the valuable customer segment.

we also see that we are able to keep our position in the valuable customer segment


And we think we're returning back to an industry that looks more similar to what we would have seen in the '80s and the '90s than what

and we think we're returning back to an industry that looks more similar to what we would have seen in the '80s and the '90s


In Roofing, we anticipate modest market growth, primarily driven by growth in new construction markets.

in roofing we anticipate modest market growth primarily driven by growth in new construction markets


If you go back to when we had the call last quarter, and we did announce it had gone up. It's been fairly stable since then

if you go back to when we had the call last quarter we did announce it had gone up it's been fairly stable since then


is important to us to bring those hospitals into the system well.


Now you mentioned kind of mysteriously last time about how you thought you could have,

now you mentioned kind of mysteriously last time about how you thought you could have


then that's where we would be, and that's what we're going to do in the future.

then that's where we would be and that's what we're going to do in the future


associated with defaults that were in the portfolio at the end of the year. And in addition, as we settle claims, we have

associated with defaults that were in the portfolio at the end of the year and in addition as we settle claims we have


Second, as you know, we've been highly focused on improving the trends in our credit portfolio. This doesn't change,

second as you know we've been highly focused on improving the trends in our credit portfolio this doesn't change


We have revised our segment reporting to reflect our organizational structure post the integration of Orchard.

we have revised -- we have revised our segment reporting to reflect our organizational structure post the integration of orchard


Recent new product offerings will also help. Our strong sales activity

recent new product offerings will also help our strong sales activity


We're continuing to work on the remaining regulatory approvals for this critical piece of natural gas infrastructure.

we're continuing to work on the remaining regulatory approvals for this critical piece of natural gas infrastructure


So to keep it apart is maybe a little bit of a mathematical exercise.

so to keep it apart is maybe a little bit of a mathematical exercise


and ultimately using technology to build upon the spirit of hospitality that is core to our company.


We'll have a better sense of timing for each of these New Zealand projects in the next quarter.

we'll have a better sense of timing for each of these new zealand projects in the next quarter


With these anticipated cost savings and based on our current plans and forecasted expenses,

with these anticipated cost savings and based on our current plans and forecasted expenses


This difference was mainly driven by a positive impact from product derivatives, which I will discuss shortly.

this difference was mainly driven by a positive impact from product derivatives which i will discuss shortly


the benefit to the margins and reserves on a after-tax basis will well exceed any detriment that occurs

the benefit to the margins and reserves on a tax -- after-tax basis will well exceed any detriment that occurs


which enabled us to originate loans with attractive yields without sacrificing credit quality.


Free cash flow for the quarter, which we calculate as operating cash flow plus the net change in our flooring agreement

free cash flow for the quarter which we calculate as operating cash flow plus the net change in our flooring agreement


as a service. Remember, as a service revenues are netted down for accounting purposes.

as a service remember as a service revenues are netted down for accounting purposes


That could potentially include adding some leverage to the balance sheet. I think we're going to do that in a very

that could potentially include adding some leverage to the balance sheet i think we're going to do that in a very


This partly reflects the fact that broker deposit pricing was relatively low prior to the market turbulence.

this partly reflects the fact that broker deposit pricing was relatively low prior to the market turbulence


There's probably going to be a little bit more inventory in the system this year until we catch up from a demand perspective.

there's probably going to be a little bit more inventory in the system this year until we catch up from a demand perspective


in the quarter by comparison to the comparable quarter. But if we look at the page to follow,

in the quarter by comparison to the comparable quarter but if we look at the page to follow


in order to grow NOI. In redevelopment and development for hold,

in order to grow noi in redevelopment and development for hold


From an economic standpoint, we are seeing fairly healthy conditions across our existing footprint.

from an economic standpoint we are seeing fairly healthy conditions across our existing footprint


complete access to their employees, and we are quite frankly limited in our ability to

complete access to their employees and we are quite frankly limited in our ability to


The hotel expansion phase of the resort, which was announced earlier this year, is anticipated to be completed

the hotel expansion phase of the resort which was announced earlier this year is anticipated to be completed


further risks remain and we will keep you updated as we execute the remaining scope of the work.

further risk remain and we will keep you updated as we execute the remaining scope of the work


I will review a few highlights, then I'll hand it over to Kevin for a full recap of our financial performance.

i will review a few highlights and then hand it over to kevin for a full recap of our financial performance


to prioritizing our investment needs and identifying new market opportunities, we are taking a thoughtful,

to prioritizing our investment needs and identifying new market opportunities we are taking a thoughtful


We've also made significant progress in our first 5 months toward operating on a standalone basis

we have also made significant progress in our first 5 months toward operating on a stand-alone basis


strong group trends also allowed us to better yield transient rates to drive overall profitability.


buying someone else's asset management business and inheriting their culture and inheriting their people. So we want to do it very carefully.

buying someone else's asset management business and inheriting their culture and inheriting their people so we want to do it very carefully


was clearly incremental debt. So it would be nice to be able to take care of that over the next

was clearly incremental debt so it would be nice to be able to take care of that over the next


We now have the task of balancing these investments against top line growth such that we return the company to profitability.

we now have the task of balancing these investments against top line growth such that we return the company to profitability


It's our goal to be able to source product from anywhere in the world that we need to source it,

it's our goal to be able to source product from anywhere in the world that we need to source it


In this quarter, we executed 5 new contracts through Regence Blue Cross

in this quarter we executed 5 new contracts through region's blue cross


and a negative currency impact of 4 percentage points is now expected.


mix shift towards the shorter ended towards the trade finance business transactions. And actually, this has been quite

mix shift towards the shorter end and towards the trade finance business transactions and actually this has been quite


or maybe it's just the Street being too pessimistic looking for a slowdown, but any additional color that would be helpful?

or maybe it's just the street being too pessimistic looking for a slowdown but any additional color that would be helpful


there's no question that we're thinking big and we're looking out there into the market and seeing what's available and what's possible.


I plan to continue to serve on our board, and I look forward to contributing to our future success.

i plan to continue to serve on our board and i look forward to contributing to our future success


until we would get to later part of the year as some of these start to ramp up,


that we're talking about and lot of velocity improvements in the factories and it's not just here

that we're talking about and a lot of velocity improvements in the factories and it's not just here


again, as you said, we get -- where the dollars were available, we got our fair share or more of the political,

again as you said we get -- where the dollars were available we got our fair share or more of the political


In Russia, there are some investment projects in progress in the areas of natural gas and chemical.

in russia there are some investment projects in progress in the areas of natural gas and chemical


with the right type of engineering on the existing products, the higher margins on the new products.

with the right type of engineering on the existing products the higher margins on the new products


Despite the lower sales volumes, we were able to generate operating expense leverage in the quarter,

despite the lower sales volumes we were able to generate operating expense leverage in the quarter


Is there any reason why quarterly earnings as a percent of total would vary significantly from historical averages?

is there any reason why quarterly earnings as a percent of total would vary significantly from historical averages


people on the Scientific Board, and the three resumes of the Strategic Advisors who have

people on the scientific board and the pre-resumes of the strategic advisers who have


On our color block charts highlighted operating performance and customer satisfaction for the utilities,

on our color block charts highlighted operating performance and customer satisfaction for the utilities


Regarding operating profits, the continued effect of the extremely high gaming taxes on lower volume,

regarding operating profits the continued effect of the extremely high gaming taxes on lower volume


Welcome to the Vulcan Materials Company Second Quarter Earnings Call. My name is Lynette, and I will be your conference coordinator today.

welcome to the vulcan materials company second quarter earnings call my name is lynette and i will be your conference coordinator today


I would add one thing on -- this is not the market, but our operating folks in California have done

i would add one thing on this is not the market but our operating folks in california have done


questions in the queue at this time, I'd like to turn the call back over to Mr. Constantinople for any additional or closing remarks.

questions in the queue at this time i'd like to turn the call back over to mr constantinople for any additional or closing remarks


almost all of these patients fail quickly or fail eventually. So

almost all of these patients fail quickly or fail eventually so


We have completed our final integration project as the consolidation of our network is now finalized.

we have completed our final integration process as the consolidation of our network is now finalized


We think and we are cautious that we may peak out at these levels.

we think and we are cautious that we may peak out at these levels


numbers we see very much as a waypoint in the broader Keller

numbers we see very much as a waypoint in the broader keller


So is that because you haven't raised your deposit costs enough or could you explain that a bit more?

so is that because you haven't raised your deposit costs enough or could you explain that a bit more


and by the end of that period, overcome our depreciation burden to attain positive GAAP earnings.

and by the end of that period overcome our depreciation burden to attain positive gaap earnings


Not necessarily as fast as I would like but as fast as we reasonably can identify and recruit A ballplayers.

not necessarily as fast as i would like but as fast as we reasonably can identify and recruit a-ball players


As shown on Slide 7, loan and deposit mix were relatively unchanged post merger.

as shown on slide 7 loan and deposit mix were relatively unchanged post-merger


the quality of the acquisitions that we've been able to do over the last few years.


second quarter's doing better than the first. And we're seeing the beat rate of the business improve. But when you annualize it

second quarter is doing better than the first and we're seeing the beat rate of the business improve but when you annualize it


The properties we owned prior to the beginning of the quarter performed slightly better than our expectations during the quarter.

the properties we owned prior to the beginning of the quarter performed slightly better than our expectations during the quarter


age and the ability to undertake the rehabilitation required of all cartilage repair procedures.


So I think there are areas that we would combine behind the scenes.

so i think there are areas that we would combine behind the scenes


So you can expect to see us adopt the same type of approach at FGL that you would have seen

so you can expect to see us adopt the same type of approach at fgl that you would have seen


for the Refining business drops somewhat as well as those obligations move to

for the refining business drops somewhat as well as those obligations move to


clearly demonstrate the substantial and growing value the partnership represents to the total enterprise.


The majority of our revenue is generated through brand advertising, which seasonally peaks in the fourth quarter.

the majority of our revenue is generated through brand advertising which seasonally peaks in the fourth quarter


The press release mentioned that the possible alternatives include, among other things,

the press release mentioned that the possible alternatives include among other things


Important factors could cause actual results to differ, possibly materially, from those indicated in these statements.

important factors could cause actual results to differ possibly materially from those indicated in these statements


have been allowed to either atrophy or become more like a typical retailer.


last year we saw some changes in reimbursement in California with the state Medicaid opening up

last year we saw some changes in reimbursement in california with the state medicaid opening up


And this is a market that we really haven't had any -- we've got a few hundred cartons in the VA so far for ARISTADA. So

and this is a market that we really haven't had any -- we've had a few hundred cartons in the va so far for aristata so


I think it's a little too early to give more color about where we're going to end up ultimately with those ranges.

i think it's a little too early to give more color about where we're going to end up ultimately with those ranges


So that's all about getting through our process, and that -- I would guess that's what that looks like. In terms of

so that's all about getting through our process and that -- i would guess that's what that looks like in terms of


We leveraged strong operating performance by continuing to focus on minimizing overhead costs.

we leveraged strong operating performance by continuing to focus on minimizing overhead cost


We began pursuing our specialty product strategy after our merger with Ainsworth to bring

we began pursuing our specialty products strategy after our merger with ainsworth to bring


The total backlog calculation reflects solid performance as we booked new work and renewed existing work.

the total backlog calculation reflects solid performance as we booked new work and renewed existing work


and now that Pennsylvania business is our highest growth utility option and opportunity. So

and now that pennsylvania business is our highest growth utility option and opportunity so


But the working capital requirement related to those contracts are the normal working capital

but the working capital requirements related to those contracts are the normal working capital


I think we also want to maintain, though, plenty of liquidity for these type of opportunistic

i think we also want to maintain though plenty of liquidity for these type of opportunistic


what we're focused on right now is where we can physically grow the barrels, and we have very solid results

what we're focused on right now is where we can physically grow the barrels and we have very solid results


That includes a strong performance from travel, a strong performance from underwriting,

that includes a strong performance from travel a strong performance from underwriting


the kind of percentage increases just getting wafers allocated from suppliers like TowerJazz and so on,

the kind of percentage increases just getting wafers allocated from suppliers like tower jazz and so on


Reflecting the payment of bonus in the first quarter, cash paid for the restructuring as well as our acquisition in Denmark,

reflecting the payment of bonus in the first quarter cash paid for the restructuring as well as our acquisition in denmark


The shift away from CDs to transaction accounts further reduced our funding cost and improved our interest rate profile.

the shift away from cds to transactional accounts further reduced our funding cost and improved our interest rate profile


But I think that it's probably just best to stick with that guidance in the 3.80% to 4% range for that

but i think that it's probably just best to stick with that guidance in the 380 to 400 range for that


senior first lien across both lower middle market and middle market, there are times where

senior firstly and across both lower middle market and middle market there are times where


the investment business is the most important thing we do and we are keenly aware of a lot of the risks around this. And like I said,

the investing business is the most important thing we do and we are keenly aware of a lot of the risks around us and like i said


prior to the end of fiscal 2019. Moving on to capital allocation.

prior to the end of fiscal 2019 moving on to capital allocation


It's like search and shopping, a long tail user experience we believe is important as well.

it's like search and shopping long-tail user experience we believe is important as well


As a result of that approach, our customers typically have much higher patch compliance rates

as a result of that approach our customers typically have much higher patch compliance rates


Thanks, Karen, and good morning to everyone. I would like to share some highlights from the second quarter

thanks karen and good morning to everyone i'd like to share some highlights from the second quarter


Thank you for standing by. This is the conference operator.

thank you for standing by this is the conference operator


On the whole, we are off to a solid start and our focus is on advancing our strategic priorities.

on the whole we are off to a solid start and our focus is on advancing our strategic priorities


We believe that the elevated maturity way of approaching and the increased regulation on other market participants

we believe that the elevated maturity wave approaching and the increased regulation on other market participants


representing the smaller electronic cigarette company groups


I will make a few remarks on our overall performance and then cover the highlights across our businesses.

i will make a few remarks on our overall performance and then cover the highlights across our businesses


we expect to see additional growth in our Australasian Automotive business in the quarters ahead.

we expect to see additional growth in our australasian automotive business in the quarters ahead


As is customary, this guidance excludes the benefit of any future acquisitions.

as is customary this guidance excludes the benefit of any future acquisitions


Operating expenses were up mainly because we are investing in more growth initiatives.

operating expenses were up mainly because we are investing in more growth initiatives


but the team believes that our throughput capabilities are much stronger than they were a year ago.


from just the sale of technology as a driver of revenue and profit,


Before we begin, I'd like to remind you that this conference call contains forward-looking statements with respect to the future

before we begin i'd like to remind you that this conference call contains forward-looking statements with respect to the future


As Gareth said, it's quite an interesting junction point for us that we find ourselves at the half year, where this is the biggest profit contributor.

as gareth said it's quite an interesting junction point for us that we find ourselves at the half year where this is the biggest profit contributor


as expected in the quarter and within the framework in the quarter, again ex the

as expected in the quarter and within the framework in the quarter again x the


to address those and make certain that we optimize the opportunity in those countries instead of just letting it go.


Additionally, we will be able to leverage our global reach to accelerate adoption of PlanGrid solutions.

additionally we will be able to leverage our global reach to accelerate adoption of planned grid solutions


growth was, in fact, due to our core business as opposed to our acquisitions. And I did that because,

growth was in fact due to our core business as opposed to our acquisitions and i did that because


Also the companies would like to point out that this call will include forward-looking statements,

also the companies would like to point out that this call will include forward-looking statements


Could you outline what are the key swing factors that cause you to put out that

could you outline what are the key swing factors that cause you to put out that


And then you should keep in mind that there are some additional multi-client investments expected from sales of existing surveys

and then you should keep in mind that there are some additional multi-client investments expected from sales of existing surveys


Can you comment on the timing? Is it something where you started it toward the end of the quarter and you're going to be doing more? Or

can you comment on the timing is it something where you started it toward the end of the quarter and you're going to be doing more or


and encouraging us to be very aggressive moving forward, no one's sure what to think about

and encouraging us to be very aggressive moving forward no one's sure what to think about


So the contribution from all of this will move into fiscal '18, but it ought to give us another

so the contribution from all of this will move into fiscal '18 but it ought to give us another


in the downtown core of Toronto is that we can do a lot more with less space

in the downtown core of toronto is that we can do a lot more with less space


from what we've done in the past, and you would expect that would have some reaction from the sales force,

from what we've done in the past and you would expect that we'd have some reaction from the sales force


Our semiconductor systems group delivered revenue that was slightly above the midpoint of our expectations.

our semiconductor systems group delivered revenue that was slightly above the midpoint of our expectations


that just you being opportunistic as in not extending a bunch of leases that have been up for renewal


There is more freight than trucks right now and more spot pressure on the logistics business than we've seen in a long time.

there is more freight than trucks right now and more spot pressure in the logistics business than we've seen in a long time


is important to emphasize that our own manufacturing around the world and maintaining a high standard of quality


expected future developments and other factors it believes are appropriate under circumstances.


which included a large heavy equipment fleet located at the Fording River coal mine, the mobilization of equipment

which included a large heavy equipment fleet located at the fording river coal mine the mobilization of equipment


The potential reinsurance transaction remains subject to continued negotiation of material terms

the potential reinsurance transaction remains subject to continued negotiation of material terms


and while our full-year guidance implies an acceleration to that trend, as we have stated previously,

and while our full year guidance implies an acceleration to that trend as we have stated previously


We also -- we've done an excellent job with the customer, and they're trying to shop around they can't find that product anywhere else,

we also if we've done an excellent job with the customer and they're trying to shop around they can't find that product anywhere else


And so you should expect that we'll continue to see mix being an important part of our average unit price improvement

and so you should expect that we'll continue to see mix being an important part of our average unit price improvement


on the financial side, I wonder if you could tell us what your expected

and on the financial side i wonder if you could tell us what your expected


we can say that we had a very strong record-breaking quarter in which we had


wondering, which technology you're displacing and why you think that's happening?

wondering which technology you're displacing and why you think that's happening


This is expected to result in substantial future cash tax benefits.

this is expected to result in substantial future cash tax benefits


We now have the complete solutions that our schools are demanding.

we now have the complete solutions that our schools are demanding


and net metering programs being eliminated or reduced at the state level.


And then at that point, we'll assess the market to see whether it makes sense to sell 1 or both of them.

and then at that point we'll assess the market to see whether it makes sense to sell one or both of them


Our voluntary personal lines policies increased by almost 4,000 policies during the quarter.

our voluntary personal lines policies increased by almost 4 000 policies during the quarter


Appetite is a very important variable by which a pet owner assesses the health status of their pet,

appetite is a very important variable by which a pet owner assesses the health status of their pet


Outside of the challenging weather patterns, we continue to see an elevated level of auto collision frequency

outside of the challenging weather patterns we continue to see an elevated level of auto collision frequency


we had lots to sell over the last couple of years, which is one of the reasons that we purchased American Capital.

we had lots to sell over the last couple of years which is one of the reasons that we purchased american capital


Effectively, this means we were able to redirect a large number of small ESCO partners to distribution,

effectively this means we were able to redirect a large number of small esco partners to distribution


there's a lot of new technology evolving. So I think if you look backwards and think about desktop, that's a

there's a lot of new technology evolving so i think if you look backwards and think about desktop that's a


However, the international and commercial markets in which Hamilton Beach participates are expected to grow moderately.

however the international and commercial markets in which hamilton beach participates are expected to grow moderately


change to be discussed, and we don't have a plan to retire massively

change to be discussed and we don't have a plan to retire massively


In 2017, we set our sights on drilling longer laterals and larger well packages.

in 2017 we set our sights on drilling longer laterals and larger well packages


right now today fairly easily. So we kind of capture the ones that give us the best opportunity.

right now today fairly easily so we kind of capture the ones that give us the best opportunity


how we move forward in our efficiency ratio is really


Well, thank you very much for joining our call, and we look forward to talking to you next quarter.

well thank you very much for joining our call and we look forward to talking to you next quarter


and net commodity inflation to contribute to relatively better performance in the second half.


but the underlying demand from ordinary companies is still quite low in Sweden.

but the underlying demand from ordinary companies is still quite low in sweden


rebates with distributor partners that are annually based with stair steps up as


results. So I think Myers is a small company and it's a company that has a long-range growth

results but i think myers is a small company and it's a company that has a long-range growth


and uncertainties. Actual results could differ materially from those described in the forward-looking statements

and uncertainties actual results could differ materially from those described in the forward-looking statements


where we have really focused on fewer countries to really fuel the growth there.


and companies that serve the advertising industry exclusively, honestly,

and companies that serve the advertising industry exclusively honestly


our guidance does not include any impact from potential acquisitions that we might complete during the fourth quarter.


between our manufacturing operations in Ingolstadt and the manufacturing operations in Usti because what happened

between our manufacturing operations in ingolstadt and the manufacturing operations in ust because what happened


to maximize operating efficiencies, which was finally completed at the end of October, took longer than expected.

to maximize operating efficiencies which was finally completed at the end of october took longer than expected


that comes from legacy systems revenue or conversely comes from new platform product revenue?


This model ensures that our project execution solves our clients' problems with practical insights

this model ensures that our project execution solves our clients' problems with practical insights


Before introducing Kate, I would like to remind you that we may make forward-looking statements during this call.

before introducing kate i would like to remind you that we may make forward-looking statements during this call


and fourth, the evolution of our incentive compensation plans to prioritize growth as fundamental,

and fourth the evolution of our incentive compensation plans to prioritize growth as fundamental


All earnings per share metrics discussed in this call are on a diluted share basis for continuing operations.

all earnings per share metrics discussed in this call are on a diluted share basis for continuing operations


We expect our EMEA region to have higher net sales compared to the prior year,

we expect our emea region to have higher net sales compared to the prior year


That brings my section of the presentation to a close. So now I will turn the time back over to Ilene.

that brings my section of the presentation to a close so now i will turn the time back over to eileen


You can only do that -- we have discussion with physician panels and ask them the question, so

you can only do that we had discussion with physician panels and asked them the question so


Although we moved up some in our own promotional spend in our fourth quarter, we remain far less than competition.

although we moved up some in our own promotional spend in our fourth quarter we remain far less than competition


We would expect to see some increase in marketing spend in the fourth quarter.

we would expect to see some increase in marketing spend in the fourth quarter


to accelerate the maturity of those branches that we've opened over the last couple of years.


Therefore, the first question is a relative question. You need to revamp

therefore the first question is a relative question you need to revamp


The K factor is that factor that will correct any deviation

the key factor is that factor that will correct any deviation


keep the project going. And we are also in discussions with other potential partners

keep the project going and we are also in discussions with other potential partners


a bigger concentration of the marketing efforts around that restage and launch.


increased time in the permitting process. We do not see anything in that permitting process

increased time in the permitting process we do not see anything in that permitting process


Latin America, namely Brazil, is down significantly to prior year for reasons I will discuss a little later.

latin america namely brazil is down significantly to prior year for reasons i will discuss a little later


And I figure, it'll probably be another 4 or 5 days before they

and i figure it'll probably be another 4 or 5 days before they


particularly as we've gotten through the legacy DSL conversions, which has really been absorbing us for the last few years.

particularly as we've gone through the legacy dsl conversions which has really been absorbing us for the last few years


Revenue from the expanded business in Wisconsin should start to flow through in the fourth quarter.

revenue from the expanded business in wisconsin should start to flow through in the fourth quarter


normalized levels. But in the meantime, the top line and the end market demand of that business is looking good.

to normalize levels but in the meantime the top line and the end market demand of that business is looking good


some of the implications of the thoughts reflected in the Treasury report on insurance.

some of the implications of the thoughts reflected in the treasury report on insurance


heavily in additional professionals to provide that service to the end markets.


I would expect for the back half of the year, Matt, that to kind of return to normal growth.

i would expect for the back half of the year matt that to kind of return to normal growth


Our tank trailer business continues to see reasonably stable demand in the food, dairy, beverage markets,

our tank trailer business continues to see reasonably stable demand in the food dairy beverage markets


I would also like to thank our employees for maintaining our focus on growth and profitability.

i would also like to thank our employees for maintaining our focus on growth and profitability


We've got to generate business flows on top of that to seal the strategic case.

we've got to generate business flows on top of that to seal the strategic case


Alpha provides business continuity and connectivity solutions in the cable broadband networks,

alpha provides business continuity and connectivity solutions in the cable broadband networks


It's been subject to discretion. We have the ability to put a program in place.

it's been subject to discretion we have the ability to put a program in place


share repurchase. We're going to do that because we're going to continue to focus on generating cash

share repurchase we're going to do that because we're going to continue to focus on generating cash


The revenue strength there was only able to partially recover these higher costs.

the revenue strength there was only able to partially recover these higher costs


In our Power segment, our transformer business remained on track for an improving full year performance.

in our power segment our transformer business remained on track for an improving full year performance


to allow for the increase patient numbers and other indications and will pursue the lung indication separately.

to allow for the increased patient numbers in other indications and we'll pursue the lung indication separately


We are encouraged by this momentum as we enter our main selling season right now.

we are encouraged by this momentum as we enter our main selling season right now


we feel really good about it. But it is a long-term bet for us and not something that we expect on any given quarter

we feel really good about it but it is a long-term bet for us and not something that we expect on any given quarter


Correlating billings growth and customers helps put in context why we believe in our marketing efforts.

correlating billings growth and customers helps put in context why we believe in our marketing efforts


a significant improvement from last year. Finally, CapEx remains much lower than previous years.

a significant improvement from last year finally capex remains much lower than previous years


We believe we are on track to reenter the European market and submit our U.S. PMA in the fourth quarter of this year.

we believe we are on track to reenter the european market and submit our u s pma in the fourth quarter of this year


across product categories speaks to the importance of being very relevant in what you show to your customers.


but we saw a pretty significant decline in activity in September as volatility abated. The

but we saw a pretty significant decline in activity in september as volatility abated


as well as invest in strategic hires to build out our skills and capabilities throughout the organization.


still the right trajectory for it to slowly ramp up to about 50 basis points by the fourth quarter or so?


under a program which we initiated to bring inventories down from elevated levels.


And as a result of this, we have been looking at what are the real strategic option

and as a result of this we have been looking at what are the real strategic option


And I think we're seeing that as pointed out by the Brent crude

and i think we're seeing that as pointed out by the brent crude


It's very similar to the GOR in the Windsor area. If you look at the 2 charts that we supplied,

it's very similar to the gor in the windsor area if you look at the 2 charts that we supplied


for the OEMs to consider a make versus buy strategy, that's where a lot of the outsourcing growth

for the oems to consider a make versus buy strategy that's where a lot of the outsourcing growth


benefits of Trex versus wood are resonating with both trade and consumers.

benefits of trex versus wood are resonating with both trade and consumers


These services are being provided across the country in dozens of metropolitan areas to a number of customers.

these services are being provided across the country in dozens of metropolitan areas to a number of customers


In doing our tax rate, it is worth noting that our equity income is shown net of tax in the financials.

in viewing our tax rate it is worth noting that our equity income is shown net of tax in the financials


And when you combine the 2 solutions together and also offer payments, which we first talked to you about,

and when you combine the 2 solutions together and also offer payments which vishwas talked to you about


or the content management system to be able to create a merchant's own store.

or the content management systems to be able to create a merchant's own store


so we will see some of that in the second half. But obviously, a big portion of that would have been planned in our guide.

so we will see some of that in the second half but obviously a big portion that would have been planned in our guide


like reporting and e-mailing and user experience are already there. They don't need to be built.

like reporting and e-mailing and user experience are already there they don't need to be built


And we've looked at Congers. What we've been able to do instead of building a full new facility, we'll be doing a

and we've looked at congers what we've been able to do instead of building a full new facility we'll be doing a


But I also want to tell you that we don't live by these 90-day cycles, and you really need to get off that.

but i also want to tell you that we don't live by these 90-day cycles and you really need to get off that


The increase in comparable store sales was driven mainly by an increase in the number of transactions.

the increase in comparable store sales was driven mainly by an increase in the number of transactions


A number of conditions around land bought this and in recent years under options

a number of conditions around land bought this and in recent years under options


Moving to the middle column. Our second quarter financial results were also notable.

moving to the middle column our second quarter financial results were also notable


Lufthansa passengers has also benefited strongly from a disciplined capacity approach

lufthansa passenger has also benefited strongly from a disciplined capacity approach


provide earthquake relief. In terms of infrastructure rebuilds and in terms of public health,

provide earthquake relief in terms of infrastructure rebuilds and in terms of public health


quite significantly this year in additional water handling facilities, which will allow us

quite significantly this year in additional water handling facilities which will allow us


You will remain unnamed only because of the risk of inadvertently missing someone.

you will remain unnamed only because of the risk of inadvertently missing someone


Our growth was also driven by solid performance from our FENICS, fully electronic business.

our growth was also driven by solid performance from our fenix fully electronic business


Other factors that are anticipated to negatively impact earnings include a higher effective tax rate,

other factors that are anticipated to negatively impact earnings include a higher effective tax rate


And I'd like to remind that we have 50% of our land that we need to develop.

and i'd like to remind that we have 50% of our land that we need to develop


and to discuss their possible involvement as investigators in a future trial.


and we expect more of the same dynamic to play out on traffic and software and hardware growth.


Products will be marketed through a logistics partner and select national and regional distributors.

products will be marketed through a logistics partner and select national and regional distributors


While we never get in to see what our clients -- sorry, what our competitors are doing and

while we never get in to see what our clients -- sorry what our competitors are doing and


and the ancillary rental equipment that I mentioned earlier for those large workover packages.

and the ancillary rental equipment that i mentioned earlier for those large workover packages


Our national as well as our regional sales force contributed to our growth in this segment.

our national as well as our regional sales force contributed to our growth in the segment


I would also like to remind everyone that comments made this morning, including responses to your questions,

i would also like to remind everyone that comments made this morning including responses to your questions


I have enjoyed getting to know the management team and have been very impressed with the strength of the finance organization.

i've enjoyed getting to know the management team and have been very impressed with the strength of the finance organization


there's not anything in particular that's driving in an accelerated amount of growth.

there's not anything in particular that's driving an accelerated amount of growth


But the idea is to begin now and proceed at the most rapid pace you can?

but the idea is to begin now and proceed at the most rapid pace you can


Overall, we made significant progress on our strategic priorities that we laid out for the year,

overall we made significant progress on our strategic priorities that we laid out for the year


There remains some uncertainty about what that will turn into next year because while I think tow destocking will be over,

there remains some uncertainty about what that will turn into next year because while i think toady stocking will be over


And while I know you don't give guidance, wondering how you feel about the level of consensus out there

and while i know you don't give guidance wondering how you feel about that level of consensus out there


in the near term, is to really minimize any disruption to our launch trajectory.

in the near term is to really minimize any disruption to our launch trajectory


tactical plans in order to be ready for an increased competition while we speak.


We saw strong performance across all of our businesses this quarter, which, we believe, serves as further validation

we saw strong performance across all of our businesses this quarter which we believe serves as further validation


We still see European nonperforming loan pools as an important part of the opportunity set,

we still see european nonperforming loan pools as an important part of the opportunity set


With that, I'll now turn the call over to Jay. Thank you, Andrea, and good morning to everyone.

with that i'll now turn the call over to jay thank you andrea and good morning to everyone


And then again, once we get to know how to run up there, which so far has been fantastic,

and then again once we get to know how to run up there which so far it's been fantastic


a spend that's going to be like an ARISTADA, like a VIVITROL, more or less? Just give us a sense of just

a spend that's going to be like an aristada like a vivitrol more or less just give us a sense of just


Yes. So a couple of things. One, I think the volatility and higher prices actually make it

yes so a couple of things one i think the volatility and higher prices actually make it


Or is the market just kind of competitive and that makes that sort of contract evolution and negotiation challenging?

or is the market just kind of competitive and that makes that sort of contract evolution and negotiation challenging


China remains one of the fastest growth regions, although pricing remains competitive,

china remains one of the fastest growth regions although pricing remains competitive


Without currency impact, we would also have posted a significant improvement on net margin.

without currency impact we would also have posted a significant improvement on net margin


At the same time, we were also making floor samples on our new Passport collection.

at the same time we are also making floor samples on our new passport collection


if you put those aside, we are looking for some very significant growth in the rest of the business just to get

if you put those aside we are looking for some very significant growth in the rest of the business just to get


and how we are now expanding the footprint of avacopan into dermatological disease.


representing another year of significant reinvestment in building our business through acquisitions.


that is better equipped to compete in Canada and around the globe today than we were a year ago.

that is better equipped to compete in canada and around the globe today than we were a year ago


I'll now turn it over to Greg to review the financials. Thanks, Dave.

i'll now turn it over to greg to review the financials thanks dave


a year, especially during the second semester. And for this, we will

a year especially during the second semester and for this we will


both in the CPT code payment for the procedure and the drug

both in the cpt code payment for the procedure and the drug


And indeed, we saw some substantial hardware placements in Q2, which I called out.

and indeed we saw some substantial hardware placements in q2 which i called out


Performance on the platform remains consistently strong with fund appreciation of 4% in the quarter.

performance on the platform remains consistently strong with fund depreciation of 4% in the quarter


We will continue to prudently invest in networks to improve our coverage and lower our cost of service delivery.

we will continue to prudently invest in network to improve our coverage and lower our cost of service delivery


I've been very, very transparent about us looking at things

i've been very very transparent about us looking at things


we expect no big difference, but we don't give a specific

we expect no big differences but we don't give specific


We will continue to build on the strong fundamentals by making significant investments in our network.

we will continue to build on the strong fundamentals by making significant investments in our network


I think we feel very confident that we can continue to deliver healthy cost savings well into the future.

i think we feel very confident that we can continue to deliver healthy cost savings well into the future


These statements are based on assumptions made by and information currently available to Career Education

these statements are based on assumptions made by and information currently available to career education


later this year to further strengthen our balance sheet. I'll now turn the time back to Mauk for questions.

later this year to further strengthen our balance sheet i'll now turn the time back to matt for questions


In Chile, we are seeing a modest improvement in product support activity across the various market segments.

in chile we are seeing a modest improvement in product support activity across the various market segments


And one of the things we saw on the Hatteras deal and what it demonstrated was that even a liquid portfolio of

and one of the things we saw in the hatteras deal and what it demonstrated was that even a liquid portfolio of cusips


those types of variables. And based on these factors, we rank-ordered the countries by size of the opportunity.

those types of variables and based on these factors we rank order the countries by size of the opportunity


But to date, we don't have any knowledge of anything of that sort. I think for us, the real exciting part is the offensive

but today we don't have any knowledge of anything of that sort i think for us the real exciting part is the offensive


Turning to Slide 9. We continue to make good progress with expenses.

turning to slide 9 we continue to make good progress with expenses


Our second bold move, integrate and unify inside and out.

our second bold move integrate and unify inside and out


for multiple years. But yes, we're very, very bullish on the fact that the expansion that we made

for multiple years but yes we're very very bullish on the fact that the expansion that we made


seen an article basically discussing a similar product on premise

seen an article basically discussing a similar product to on-premise


To the extent we do generate excess cash, we plan to reduce the amount outstanding against our credit facility.

to the extent we do generate excess cash we plan to reduce the amount outstanding against our credit facility


This affords us the opportunity as we spread the brand to raise brand awareness through high-profile retail sites

this affords us the opportunity as we spread the brand to raise brand awareness through high-profile retail sites


And I'm happy to see signs of improvement in the weight management categories

and i'm happy to see signs of improvement in the weight management categories


the outlook for the Medical division is very strong, not only for the remainder of this year but for the future.

the outlook for the medical division is very strong not only for the remainder of this year but for the future


And then my last question, you mentioned the first foray into TV. I'm wondering

and then my last question you mentioned the first foray into tv and i'm wondering


may cause the company's actual performance to be materially different from the performance indicated or implied by such statements.


These royalty streams originate from assets acquired in the BioSante transaction

these royalty streams originate from assets acquired in the biosante transaction


and are anticipating the automation portion of the expansion to be completed by the end of this year.


for patients. And in dialysis, it's very much the case that

for patients and in dialysis it's very much the case that


Our forward-looking statements should not be regarded as representation by us that any of our plans will be achieved.

our forward-looking statements should not be regarded as representation by us that any of our plans will be achieved


are that those will continue to moderate as we finish off the


Catering is approximately 1% of sales and remains a large untapped opportunity on which we have increased our focus.

catering is approximately 1% of sales and remains a large untapped opportunity on which we have increased our focus


the part of the business which are on workmen compensation. And our

the part of the business which are on workman compensation and our


lending lines, and it would not be inconceivable for us to make a small acquisition

lending lines and it would not be inconceivable for us to make a small acquisition


opportunities out there, they make substantially more money creating those new

opportunities out there they make substantially more money creating those new


And once again, we can talk about the broader portfolio strategy on Camel in November as well. But

and once again we can talk about the broader portfolio strategy on camel in november as well but


R.J. Reynolds' strong margin improvement in the quarter was largely driven by the net pricing,

r j reynolds' strong margin improvement in the quarter was largely driven by the net pricing


there are more renewals, there's a larger pool of big deals and certainly an easier compare.

there are more renewals there's a larger pool of big deals and certainly an easier compare


These results reinforce my confidence in our strategy, in the community shopping center model

these results reinforce my confidence in our strategy in the community shopping center model


multiple formats in which one could do that collaboration. It doesn't have to be an out-license.

multiple formats in which one can do that collaboration it doesn't have to be an out-license


that amount? Sorry, if we have assets that we've already impaired or

an amount sorry the -- if we have assets that we've already impaired or


the difference in the value of agency servicing versus non-agency servicing is dramatic.


So the deployments do not happen simultaneously, but tend to follow a sequential pattern.

so the deployments do not happen simultaneously but tend to follow a sequential pattern


Also, contrary to our expectation for local consumer behavior, Indonesian consumers

also contrary to our expectation for local consumer behavior indonesian consumers


looks like we've turned the corner here in the precious metal market that you've taken out one of your


But we expect that the financial impact from reduced yields will be more than offset by efficiencies from scale,

but we expect that the financial impact from reduced yields will be more than offset by efficiencies from scale


Expenses relating to nonrecurring and strategic initiatives tempered EPS slightly in the third quarter.

expenses relating to nonrecurring and strategic initiatives tempered eps slightly in the third quarter


and 2 are locations that choose to go with a virtual bookstore instead of a physical store.

and two are locations that choose to go with a virtual bookstore instead of a physical store


as well as contracts as well as assets to provide that capacity resource.


the new lower corporate tax rate provides positive earnings per share and cash flow benefits.


are interested in selling our product into distribution. It gives us even a broader reach into these

are interested in selling our product into distribution it gives us even a broader reach into these


Anything in place in your mind, specifically on the expense side that -- where you can drive that lower? Or is that more

anything in place in your mind specifically on the expense side where you can drive that lower or is that more


I think the outlook today continues to be like that. We have a extremely strong pipeline of projects,

i think the outlook today continues to be like that we have an extremely strong pipeline of projects


The Curry well is solidly in the oil window as opposed to many SCOOP STACK wells

the curry well is solidly in the oil window as opposed to many scoop stack wells


like to give a couple of highlights before I move into the individual segment results.

like to give a couple of highlights before i move into the individual segment results


Good morning. My name is Emily, and I will be your conference operator today.

good morning my name is emily and i will be your conference operator today


Further information concerning these risks and uncertainties and other factors is set forth in the company's

further information concerning these risks and uncertainties and other factors is set forth in the company's


In September, we initiated a marketing campaign focused on our expanded private brand offerings.

in september we initiated a marketing campaign focused on our expanded private brand offering


On your second question about owned funds, I just wanted to make 2 remarks.

on your second question about own funds i just wanted to make 2 remarks


an exception with the VA where if you bring a significant product, you can actually enter

an exception with the va where if you bring a significant product you can actually enter


Our focus on driving resolutions through modifications results in positive outcomes for both the homeowner

our focus on driving resolutions through modifications results in positive outcomes for both the homeowner


but we need to show that we make something of it across the markets. And that's, I think, a big focus. And it's also why you see us

but we need to show that we make something of it across the markets and that's i think a big focus and it's also why you see us


And now what I'll do is I'll turn it over to Andy for the financial review. Thank you, Brian.

and now what i'll do is i'll turn it over to andy for the financial review thank you brian


The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


and we have personally invested our own money into Westport Fuel Systems.

and we have personally invested our own money into westport fuel systems


could put some downward pressure in that market is you do pull replacements forward


Well, there's always going to be the clinical and safety profile that's important in this particular market and

well there's always going to be the clinical and safety profile that's important in this particular market and


And is -- are you implementing any kind of protocols in terms of allowing the physicians to

and is -- are you implementing any kind of protocols in terms of allowing the physicians to


I want to begin by noting that our 20th anniversary as a company happens this month.

i want to begin by noting that our 20th anniversary as a company happens this month


and one of them being the fact that the trading opportunities are not there


partially offset by ramps in a variety of other platforms and customers.


and should provide expanding margins as we execute the actions mentioned here today.


Once our products are designed in, they tend to stay in for the life of the node, which may last many years.

once our products are designed in they tend to stay in for the life of the node which may last many years


an industry such as those which is incredibly constrained from a headcount, from a capability engineering

an industry such as theirs which is incredibly constrained from a headcount from a capability engineering


Thank you all again for participating in the call today. For those of you keeping track of our progress,

thank you all again for participating in the call today for those of you keeping track of our progress


Broad-based contributions from my colleagues have led to strong results during the past several years.

broad-based contributions from my colleagues have led to strong results during the past several years


are in the final stages at this time? And have you seen any variation?

are in the final stages at this time and have you seen any variation


And we actually believe that the world will continue to be kind of a hybrid solution

and we actually believe that the world will continue to be kind of a hybrid solution


The one thing I would say about the securitization is there are certain fixed costs associated with it, so there's probably a

the one thing i would say about the securitization is there are certain fixed costs associated with it so there's probably a


which have always relied on external resources, are investing in their pipelines.

which have always relied on external resources are investing in their pipelines


Since the video player is fixed to the top of the screen, as the user scrolls through the page,

since the video player is fixed to the top of the screen as the user scrolls through the page


and just as importantly, with the recategorization of mineral resources back to mineral reserves, which we think will be

and just as importantly with the recategorization of mineral resources back to mineral reserves which we think will be


Now beyond the progress in commercial real estate, we monetized a few Land Operations assets during the quarter

now beyond the progress in commercial real estate we monetized a few land operations assets during the quarter


So there are lots of conversations going on right now. I am extremely pleased with sort of the early days results

so there are lots of conversations going on right now i am extremely pleased with sort of the early days results


What we continue to do is be very much focused on the strategic growth of our business

what we continue to do is be very focused on the strategic growth of our business


and was asked various questions about the headlines from The Wall Street Journal

and was asked various questions about the headlines from the wall street journal


to receive any sort of compensation or to recruit others to participate in the business.


towards our first year goal of securing 100 million covered lives by the end of this year.


The Russian beer market has benefited from the World Cup, and exceptional weather over this period.

the russian beer market has benefited from the world cup and exceptional weather over this period


that we originally discussed in Q3. We will continue to monitor and report on our progress.

that we originally discussed in q3 we will continue to monitor and report on our progress


as opposed to just offering the scholarships, which would seem more in keeping with kind of a philosophy of

as opposed to just offering scholarships which would seem more in keeping with kind of a philosophy of


this -- what we have said since the beginning of this year is that if we get rid of the


your performance and if we look at the performance of one of your main distributor in France, it seems that,

your performance and if we look at the performance of one of your main distributor in france it seems that


We're simplifying our go-to market strategy on the basis of customer behaviors and needs.

we're simplifying our go-to-market strategy on the basis of customer behaviors and needs


Our focus remains on growing each of our business lines through directed selling efforts,

our focus remains on growing each of our business lines through directed selling efforts


Others we measure include new professionals using the sites, unique applicants and new clients.

others we measure include new professionals using the sites unique applicants and new clients


Then more intense growth is expected in the fourth quarter as all business segments contribute.

then more intense growth is expected in the fourth quarter as all business segments contribute


And your second question is about cash flow. In the first half,

and your second question is about cash flow in the first half


just like the acquisition in Poland? And it was just mentioned

just like the acquisition in poland and it was just mentioned


Haven't seen much movement in terms of a pricing on acquisitions as a result.

hasn't seen much movement in terms of pricing on acquisitions as a result


It is important to note that the total amount of revenue recognized under the company's long-term supply agreements

it is important to note that the total amount of revenue recognized under the company's long-term supply agreements


execution of our manufacturing cost improvement initiatives and increased capacity utilization.


and our Recovery apparel, which features bioceramic technology that uses your body heat to promote muscle restoration.

and our recovery apparel with features bio ceramic technology that uses your body heat to promote muscle restoration


And how much would be driven by actual new customers? Do you have any color there?

and how much would be driven by actual new customers do you have any color there


to build on the strength in our tire category and capitalize on additional margin expansion opportunities.


So I think there are still plenty of opportunities for us to book

so i think there's still plenty of opportunities for us to book


as the corporation continues disciplined execution of its investment plans.


And services, going backwards, is actually been forced by the fact that we're fully in the cloud,

and services going backwards has actually been forced by the fact that we're fully in the cloud


The corn crop is in good shape. We believe there could be an upward revision to the yield per acre in the coming weeks.

the corn crop is in good shape we believe there could be an upward revision to the yield per acre in the coming weeks


In general for us with Brexit, and I think this is true for most of the companies that I've had a chance to talk to,

in general for us with brexit and i think this is true for most of the companies that i've had a chance to talk to


That includes the review of our legal structure, and we expect to have further news on this shortly.

that includes the review of our legal structure and we expect to have further news on this shortly


including changes in fair value of contingent consideration


The Gas Market Reform Group is also implementing the earlier decision by the COAG Energy Council

the gas market reform group is also implementing the earlier decision by the coag energy council


I heard a lot from customers asking us to play a more proactive role in ensuring that local,

i heard a lot from customers asking us to play a more proactive role in ensuring that local


in the coming weeks once the evaluation and any potential testing operations are complete.


We are confident that slipped deals were not competitive losses. We just didn't convert the deals within the quarter.

we are confident that slipped deals were not competitive losses we just didn't convert the deals within the quarter


We are seeing improved incident rates with this equipment compared to the equipment that it has replaced.

we are seeing improved incident rates with this equipment compared to the equipment that it has replaced


As a result, we did not lose share. However, we did not gain share at our desired rate of growth.

as a result we did not lose share however we did not gain share at our desired rate of growth


we see that as a plus for us. Just because we have such low leverage and very little debt at the holding company

we see that as a plus for us just because we have such low leverage and very little debt at the holding company


It is because of the fact that this business is exposed to very, very large and few

it is because of the fact that this business are exposed to very large and few


I do. I think I'll just say that we're likely to -- just like we're being a

i do i think i'll just say that we're likely to -- just like we're being


The squeeze we're doing is looking at our hand after July, seeing where we are.

the squeeze we're doing is really looking at our hand after july seeing where we are


So that's part of what we just need to do because of the nature of how this business has evolved

so that's part of what we just need to do because of the nature of how this business has evolved


Good day, ladies and gentlemen, and welcome to Corium International's Conference Call for its Fourth

good day ladies and gentlemen and welcome to corium international's conference call for its fourth


And soon we will offer consumers highly advanced, simplified individual health records.

and soon we will offer consumers highly advanced simplified individual health records


I will hand over to Scott, who will take you through the Q4 financials in more detail now.

i will hand over to scott who will take you through the q4 financials in more detail there


which is in line with where we ended on a full year basis, with the most difficult comparisons in the second half of the year.

which is in line with where we ended on a full year basis with the most difficult comparisons in the second half of the year


Given the first quarter results and the improved outlook for the remainder of the year,

given the first quarter results and the improved outlook for the remainder of the year


And the conditions of these projects are now very different to the ones found 5 years ago,

and the conditions of these projects are now very different to the ones found 5 years ago


this means things have higher volatilities than desired.


Okay. And in the delays -- now I also saw though that your

okay and the delays -- now i also saw though that your


clarify what the benefit is? Is that savings that will drop straight through to EBITDA? Or is that in sales

clarify what the benefit is is that savings it'll drop straight through to ebitda or is that in sales


which provide for the full abatement of country property taxes for each phase's first 10 years of operations.

which provide for the full abatement of county property taxes for each phase's first 10 years of operations


the prompt return of capital to shareholders. We continue to review a potential utilization

and the prompt return of capital to shareholders we continue to review potential utilization


saves the company a significant amount of interest and further simplifies our capital structure.


To reverse this policy and its negative implications, we eliminated all advertised

to reverse this policy and its negative implications we eliminated all advertised


We again achieved strong spreads for Manhattan office properties as we were able to sign new leases

we again achieved strong spreads for our manhattan office properties as we were able to sign new leases


and our other cargo activities around the region are all joint ventures and associates, so they are not included.

and our other cargo activities around the region are all joint ventures and associates so they are not included


whose coupon rates adjust to market interest rates within the next 12 months and annually thereafter.


have you seen periods where that causes them to do less rental activity?


that compared to an abnormally low level of sales in the prior year first quarter.


We are upgrading our capabilities through training and have open positions we need to fill.

we are upgrading our capabilities through training and have open positions we need to fill


This was another excellent quarter for Norbord, in fact, one of our best ever.

this was another excellent quarter for norboard in fact one of our best ever


our fifth consecutive quarter of revenue and adjusted EBITDA organic growth.

our fifth consecutive quarter of revenue and adjusted ebitda organic growth


came in at versus where we were guiding was basically the items we called out in our earnings release.


With the redemption of the convertible notes in the second half of last year, as expected,

with the redemption of the convertible notes in the second half of last year as expected


Ladies and gentlemen, the conference has concluded. Thank you for attending today's presentation. You may now

ladies and gentlemen the conference has concluded thank you for attending today's presentation you may now


not only no dividend paid for the fourth quarter, but really no mention of strategy for 2019 other than saying

not only no dividend paid for the fourth quarter but really no mention of strategy for 2019 other than saying


A key element of this initiative is the implementation of an automated frame line for the Buildings business.

a key element of this initiative is the implementation of an automated frame line for the buildings business


And so we actually -- I don't think we've really done much at all on the

and so we actually i don't think we've really done much at all on the


next year. If you think back to our Q2 results, we did announce at that point that

next year if you think back to our q2 results we did announce at that point that


on the -- how things are going? What your expectations are on the first issues in this site?

on the -- how things are going what your expectations are on the first issues in this side


We haven't yet managed to get it to a profitable position, but that is our goal.

we haven't yet managed to get it to a profitable position but that is our goal


We could get 500 of the small customers, but they won't make up the revenue that one big customer could

we could get 500 of the small customers but they won't make up the revenue that one big customer could


Internally, that's what we've talked about, that's what we're focused on. We've got groups working on identifying projects

internally that's what we talked about that's what we're focused on we've got groups working on identifying projects


to see those data relatively soon. We'll finish the first of those sets of studies

to see those data relatively soon we'll finish the first of those sets of studies


But have you seen any data so far that could also have tied into this decision?

but have you seen any data so far that could also have tied into this decision


yes. Absolutely. You are correct there as well. So I think that the upshot here really is that

yes absolutely you are correct there as well so i think that the upshot here really is that


Please turn the page of the presentation materials in front of you.

please turn the page of the presentation materials in front of you


So nevertheless, even though raw materials, we are at the moment pushing to price increases.

so nevertheless even though raw materials we are at the moment pushing 2 price increases


at the beginning of the year. So it's really some very small areas of our business.

at the beginning of the year so it's really some very small areas of our business


with overall lower demand levels and pricing volatility, resulting in a sales decline

with overall lower demand levels and pricing volatility resulting in the sales decline


But it's something that's tough for folks on my side to really quantify. So if we think about

but it's something that's tough for folks on my side to really quantify so if we think about


and adding an annual recurring revenue perspective.


The difference relates primarily to investment this year in new products and growth initiatives.

the difference relates primarily to investment this year in new products and growth initiatives


The months to come will be dedicated to evaluating the business and planning the integration process, which will start upon closing.

the months to come will be dedicated to evaluating the business and planning the integration process which will start upon closing


time because we have to make the case to do exactly what you're saying.


our Kids Meal has really strengthened the value with probably one of the most price-sensitive

our kids' meal has really strengthened the value with probably one of the most price-sensitive


in shareholders meeting on August 23. We also

in shareholders meeting on august 23 we also


you have to think, it has everything to do with the weather and the climate.

you have to think it has everything to do with the weather and the climate


services and a day accommodation center as well.


a proposition based on trust, innovative products, and our commitment to putting the customer first,

a proposition based on trust innovative products and our commitment to putting the customer first


And we anticipate being ready by the end of this quarter to take GMP products for our customers.

and we anticipate being ready by the end of this quarter to take gmp products for our customers


without the type of dose increases observed in ESAs and without any I.V. iron.

without the type of dose increases observed in easas and without any iv iron


When do you think we might hear about other indications that you may

when do you think we might hear about other indications that you may


global offering. And this really is centered around the voice PoPs that we've now scattered around

global offering and this really is centered around the voice pops that we've now scattered around


as I mentioned earlier, which allows them to power their numerous contact centers around the world.

as i mentioned earlier which allows them to power their numerous contact centers around the world


Over the past 5 years, we've been expanding and strengthening our platform

over the past 5 years we've been expanding and strengthening our platform


we'll see how it plays out. But before the end of the year, we anticipate that coming back in line with kind

we'll see how it plays out but before the end of the year we anticipate that coming back in line with


This vision has been the focus of our employees and has led to our current operating strength.

this vision has been the focus of our employees and has led to our current operating strength


Going forward, sterile injectables will continue as one of Par's areas of strategic focus.

going forward sterile injectables will continue as one of our areas of strategic focus


This change in the estimated implied fair value led to the majority of the impairment charges recorded in the fourth quarter.

this change in the estimated implied fair value led to the majority of the impairment charges recorded in the fourth quarter


And then in the second half of the year, I think certainly we can expect that we'll have a stable business,

and then in the second half of the year i think certainly we can expect that we'll have a stable business


Finally, we saw some notable publications recently that point at deepening market potential.

finally we saw some notable publications recently that point to deepening market potential


In a year, we have moved from discussions on the capabilities of our technologies at the first user group meeting

in a year we have moved from discussions on the capabilities of our technologies at the first user group meeting


we have been plowing almost all of the profits back in the business to go get market share because


Now I would like to talk about our progress toward executing our strategic plan.

now i would like to talk about our progress toward executing our strategic plan


Jack joins us from Highmark, where he was Senior Vice President of Technology Operations.

jack joins us from highmark where he was senior vice president of technology operations


the most noteworthy category in recent years is automotive applications.


I believe we are well positioned to offer investors an attractive mix of growth

i believe we are well positioned to offer investors an attractive mix of growth


willing to take a historically low unlevered return, but

willing to take a historically low unlevered return but


the way we're set up now, we were going in a different direction a couple of years ago. And so that's the primary reason.

the way we're set up now but we were going in a different direction a couple of years ago and so that's the primary reason


And we plan to build a solid business foundation that will support future growth.

and we plan to build a solid business foundation that will support future growth


middle to higher end of that range earlier in the year and kind of middle to lower end of that range later in the year.


And veterinarians are very frustrated with their currently available treatment options in dogs

and veterinarians are very frustrated with their currently available treatment options in dogs


As a result of the new tax law, we recorded a provisional tax benefit

as a result of the new tax law we recorded a provisional tax benefit


And what does this look like going forward as far as the character of the pipeline

and what does this look like going forward as far as the character of the pipeline


This exceptional demand was a result of stronger market activity and traction with our new product offerings.

this exceptional demand was a result of stronger market activity and traction with our new product offerings


We are purchasing land at a measured pace as we stick to our strict underwriting standards.

we are purchasing land at a measured pace as we stick to our strict underwriting standards


of our cost management disciplines and the potential for additional operating leverage going forward.


would any issue in terms of Ag portfolio would just be how long

would any issue in terms of the ag portfolio would just be how long


and we wanted to give PRA a potential opportunity to benefit from any reduction in rates. So

and we wanted to give pra a potential opportunity to benefit from any reduction in rates so


In addition, we will seek to tell more brand stories and look for other ways to further engage our consumers.

in addition we will seek to tell more brand stories and look for other ways to further engage our consumers


I would assume that what you have seen now will continue going forward. Again,

i would assume that what you have seen now will continue going forward again


this is mainly driven by drilling down onto each entity into each line of business


in order to show that ATLAS is really allowing us to select the key targets in the setting.

in order to show that atlas is really allowing us to select the key targets in this setting


And in doing that, we have the chance to pick up more business and get higher hurdle rates.

and in doing that we have the chance to pick up more business and get higher hurdle rates


as our average daily population of offenders from California actually increased by about 100 offenders

as our average daily population of offenders from california actually increased by about 100 offenders


This followed a decline in the first half when Ciroc was impacted by the move to the replenishment model.

this followed a decline in the first half when cerrok was impacted by the move to the replenishment model


the OEMs can't produce an equivalent number of trucks to offset that.

the oems can't produce an equivalent number of trucks to offset that


made it difficult for our clients to really pin down and predict what their volumes would look like. It's coming in slower.

made it difficult for our clients to really pin down and predict what their volumes would look like it's coming in slower


The initiatives are key elements of our strategic plan and priorities for our focus in the near term.

the initiatives are key elements of our strategic plan and priorities for our focus in the near term


We will continue to focus on business improvement initiatives that improve profitability and drive shareholder value.

we will continue to focus on business improvement initiatives that improve profitability and drive shareholder value


And this does not even get into


does that help accelerate growth in that segment for you guys?


I suggest you at least make it available to shareholders that have been

i suggest you at least make it available to shareholders that have been


hospitals are making decisions that being a part of something bigger


And at the Hotel Group, we expect RevPAR in the oil regions to remain challenged.

and at the hotel group we expect revpar in the oil regions to remain challenged


also in terms of new technology, new proposition which

also in terms of new technology new proposition which


We have seen a pretty good rebound in volumes as things have thawed and several rigs have returned to the area.

we have seen a pretty good rebound in volumes as things have thawed and several rigs have returned to the area


than what we are currently working with. But we think we have a pretty good handle on the basic elements.

than what we are currently working with but we think we have a pretty good handle on the basic elements


encapsulated in this intent to build integrated commercial infrastructure to manage revenue.


as a result, the initial rates are a little bit less than, let's say, our

as a result the initial rates are a little bit less than let's say our


We strongly believe in the superior potential of the CAR-T programs of our partners,

we strongly believe in the superior potential of the carte programs of our partner


we will prepare our resubmission dossier, which we anticipate being able to submit in the first half

we will prepare our resubmission dossier which we anticipate being able to submit in the first half


please see the section titled Forward-Looking Statements and Non-GAAP Measures of our earnings press release, which can be found on our website

please see the section titled forward-looking statements and non-gaap measures of our earnings press release which can be found on our website


Recognize that we typically repatriate from Japan in the second half of the year, so you see a concentration of that coming

recognize that we typically repatriate from japan in the second half of the year so you see a concentration of that coming


In the last week of May, we have 2 excellent opportunities to share the Probuphine story.

in the last week of may we have 2 excellent opportunities to share the prabufine story


continues to enjoy high traction from the market, with multiple customers designing products to this platform.

continues to enjoy high traction from the market with multiple customers designing products to this platform


The significant decline in outages also led to a further reduction in shipments of home standby generators for the year.

the significant decline in outages also led to a further reduction in shipments of home standby generators for the year


In 2018, we harvested a greater proportion of our annual volume during the first quarter.

in 2018 we harvested a greater proportion of our annual volume during the first quarter


Yes. And what I would say on the pricing is a big piece of that was -- well, that was primarily mix.

yes and what i would say on the pricing is a big piece of that was -- that was primarily mix


We haven't seen a change in competitive activity. Still very strong.

we haven't seen a change in competitive activity still very strong


And the second question just relating to the really low credit loss ratio, is this

and the second question just relating to the really low credit loss ratio is this


Alaska, which is shown in the pink dot just below Hawaii, is very similar to us in these regards.

alaska which is shown in the pink dot just below hawaii is very similar to us in these regards


This differs from the reported number because of the first 20 days of July before the transaction closed.

this differs from the reported number because of the first 20 days of july before the transaction closed


And then this business actually goes to market essentially solely through dealers.

and then this business actually goes to market essentially solely through dealers


As we discussed in March, we had a tax benefit in Q1 from the planning work we did last year.

as we discussed in march we had a tax benefit in q1 from the planning work we did last year


Collectibles remains a high-growth area for our company, and we're spending a lot of time in this area.

collectibles remains a high-growth area for our company and we're spending a lot of time in this area


The pride has been restored with the Mikes franchisees, thanks to Marie-Line and her team.

the pride has been restored with the mikes franchisees thanks to marie lynn and her team


And so what we don't want to do is stick our necks out with the rest of the folks and have a problem.

and so what we don't want to do is stick our necks out with the rest of the folks and have a problem


due to a number of risks and uncertainties. And the company undertakes no obligation to update or revise these statements.

due to a number of risks and uncertainties and the company undertakes no obligation to update or revise these statements


and in line with our expectations. We continue to see good growth despite the entry of new competitors

and in line with our expectations we continue to see good growth despite the entry of new competitors


The key to reducing lung cancer deaths is to find the cancer early when it is more treatable.

the key to reducing lung cancer deaths is to find the cancer early when it is more treatable


And we expect to do that and we expect to have enough cash on hand to get through

and we expect to do that and we expect to have enough cash on hand to get through


I would say, without thinking of what other people at other

i would say without thinking of what other people at other


I can say with confidence now that our objective response rate exceeds that of

i can say with confidence now that our objective response rate exceeds that of


We are now focused on our GalNAc conjugated subcutaneously delivered RNAi agent

we are now focused on our galactomac-conjugated subcutaneously delivered rnai agent


The conversation very quickly moves back to that, because that's where these plans really need to focus and the other stuff is noise.

the conversation very quickly moves back to that because that's where these plans really need to focus and the other stuff is noise


in quarter 4, but there are new units that will be handed over. There will always be a movement here and some

in quarter 4 but there are new units that will be handed over there will always be a movement here and some


and very alert to the potential threats represented by the greater emphasis on protectionism


in line with the ZIP Code we've been experiencing over the past few years. As you know,

in line with the zip code we've been experiencing over the past few years as you know


Before we start, I wanted to introduce a new member of the board of management,

before we start it i wanted to introduce a new member of the board of management


but we're really proud of the progress that this team has made, how far we've come and I think the opportunities that we have

but we're really proud of the progress that this team has made how far we've come and i think the opportunities that we have


And when I think about '19 and going forward, I really look forward to the ability to explain to people and communicate them

and when i think about '19 and going forward i really look forward to the ability to explain to people and communicate them


But trying to develop programs to give them the tools to be

but trying to develop programs to give them the tools to be


Ryan detailed other initiatives that are all meant to accelerate customer growth,

ryan detailed other initiatives that are all meant to accelerate customer growth


We then as well will be able to reinvest into the market and reinvest means

we then as well will be able to reinvest into the market and reinvest means


about the possibility of that. And I think, utilizing the expertise of this line in India

about the possibility of that and i think utilizing the expertise of this line in india


people that are focused on their mission or their church, and they also have to run the operation.

people that are focused on their mission or their church and they also have to run the operation


But you bought Wesson, which I think a lot of people like because they think it makes sense given what you have,

but you bought wesson which i think a lot of people like because they think it makes sense given what you have


and we will most probably know the size of that during this quarter.


From a product perspective, our goal to design an experience makes it easy for consumers to begin investing in building wealth over the long term.

from a product perspective our goal is to design an experience that makes it easy for consumers to begin investing and building wealth over the long term


So going forward, I don't see -- we're not expecting a major deterioration in the margin profile.

so going forward i don't see -- we're not expecting a major deterioration in the margin profile


As a result of pricing actions to customers, reduction in prices from suppliers

as a result of pricing actions to customers reduction in prices from suppliers


I'm pleased with our progress and I remain excited by our future opportunities.

i'm pleased with our progress and i remain excited by our future opportunities


more forensic on their future view of future market rents and have written those down. So you have a cumulative effect of

more forensic on their future view of future market rents and written those down so you have a cumulative effective


We're not focused enough on markets where we can really make a difference, so we need to focus on growth markets.

we're not focused enough on markets where we can really make a difference so we need to focus on growth markets


or it can lead to a better diagnosis and a quicker intervention to save a patient.

or can lead to a better diagnosis and quicker intervention to save a patient


difference. And so we're quite confident that business continues to run well.

difference and so we're quite confident that business continues to run well


And they intend to be largely private clouds because they think they had the scale and capability to do that.

and they intend to be largely private clouds because i think they have the scale and capability to do that


Thanks, Tom. Let me start with the summary of where we are to date and then provide the detail and our reiteration of guidance.

thanks tom let me start with a summary of where we are today and then provide the detail and our reiteration of guidance


Core organic volume in our global paperboard packaging business was slightly positive in the second quarter.

core organic volume in our global paperboard packaging business was slightly positive in the second quarter


explanation about the decrease was really part of a large


Now to Georgia. For those of you close to the industry, you know Georgia is a strong market.

now to georgia for those of you close to the industry you know georgia is a strong market


little bit more than that. And for the ones that we've done it, we've extended term and gotten more business.

a little bit more than that and for the ones that we've done it we've extended term and gotten more business


a bulk of our capital in the first half because we have this DUC inventory I really want to get on production.

a bulk of our capital in the first half because we have this duc inventory i really want to get on production


As we touched on at the end of Q1, we are pleased to have been awarded a contract in Canada's Arctic regions.

as we touched on at the end of q1 we are pleased to have been awarded a contract in canada's arctic regions


To support this future growth, we intend to continue to invest in China.

to support this future growth we intend to continue to invest in china


and we knew that the rent cut was going to get them to the coverage they were looking for, but we felt like

and we knew that that red cut was going to get them to the coverage they were looking for but we felt like


and unabsorbed overhead, especially in our recently completed Dublin manufacturing facility.

and unabsorbed overhead especially in our recently completed dublin manufacturing facility


And if there's any risk in the forecast, it's around we're expecting some clearances over in Asia on some technology that

and if there's any risk in the forecast that's around we're expecting some clearances over in asia on some technology that